EU to Slash Tariffs on U.S. Goods Amid Trade Tensions

The European Union is set to fast-track legislation aimed at eliminating tariffs on U.S. industrial goods by week's end. This strategy follows a demand by President Donald Trump, who stipulates the removal of tariffs as a prerequisite for reducing U.S. duties on EU automobile exports, Bloomberg News reported Wednesday.

Efforts to confirm Bloomberg's report were met with silence from Reuters, indicating possible behind-the-scenes negotiations or yet-to-be finalized plans. The anticipated legislative push underscores the ongoing trade tensions between major economies as they navigate complex negotiations.

The EU's decision reflects an attempt to balance transatlantic trade relationships amid demands for fairness in bilateral agreements. The evolving situation continues to capture attention, with potential implications for industries on both sides of the Atlantic.

(With inputs from agencies.)